All Forum Posts by: Corey Hassan

For those who have invested in STRs and were initially pre approved…. Do you find yourself utilizing every bit of what you were pre approved for, or does it make sense to be more conservative and not utilize the full loan amount pre approved for?

I’m going to echo what @Cliff H.said. Lake winnepesaukee in NH is obviously a huge tourist attraction and could have the possibility to be lucrative for STR's…. That is until they recently change regulations regarding STRs in certain areas this year. My wife and I were looking, noticed some houses in that area were oddly low in terms of price and quick search helped us realize why. I believe they now limit it to 120 days/year you can rent for STRs but I may be wrong. Regardless the rules are rapidly changing.

We're in a similar boat though, not so much looking to arbitrage, but looking at solid opps for STRs investments but we're shifting focus only in areas with well established vacation markets/STR presence even though we live in a high demand area. The challenge we find in NH specifically is the opportunity is very seasonal (mountains in higher demand in fall/winter, lakes in summer) and the real estate is expensive in those areas. Combine that with unknown changes it's just too risky for us.

Great points everyone. Much appreciated. Does anyone have experience with STR's in these general areas. Been doing some research in SC and seems like non-residents get taxed much higher, some counties seem to be in some STR focused debates on trying to regulate them more (lexington country for example) and seeing most requiring licenses/permits to operate (unless this is standard most places).

Appreciate the feedback!

Great point.  Something we should be looking into as well.  Do you happen to know why insurance might be hard to get for STRs in those areas?

Hi all,

We're looking into potential STR markets and trying to better understand the different tax laws and benefits to one area versus the other.

We are considering NC, SC, Florida and Puerto Rico.

My questions are…
-Does anyone have a suggested website or breakdown on taxes for each state, including which state is best for STR?

-Are there any exemptions or tax breaks if we occupy the STR property for 1 week or 2 weeks per year for example?

-Which state would you recommend for our first STR - best state/area tax wise, rental income potential and best area in general to invest in our first investment property?

thank you!

@Aaron Thivierge @Mark Brogan @Roy N. 

Thanks for the responses.  I am thinking about sending her an email apologizing for offending her and letting her know that was not my intention, and not per say what I thought the value of the home is, but just what a cash buyer would be interested in buying it for.

The house was about 1100 sq feet, needs a new roof, new siding, all carpets replace, tile in kitchen is fine, kitchen cabinets were redone so they're fine, but ceiling has water damage on the inside too which needs to be replace.  Window also need to be replaced.  2 bed 1.5 baths house is a ranch/rambler in a smaller town

Hey everyone,

Ran into a situation today where an offer I made was not only denied but followed up with a lengthy email about how I am a scam artist and that if I'm not serious about buying the home than she is a business owner in town and is going to spread word about me.

Anyone run into this situation?  What is the best way to handle this.  Trying not to get too worked up but just starting out and trying to get this going the last thing I want is my reputation damaged by saying I'm a scam artist.  Plus my reputation means a lot to me in general.

Any input would be greatly appreciated

Also, the creative financing methods I have learned from Brandon Turners podcast, as well as others has been extremely beneficial!

My aha moment had to have been after listening to a few of the house-hacking podcasts.  Like most people here I started thinking differently after reading Rich Dad Poor Dad and soon after found this site.  Long story short, after coming back from living overseas, my wife and I both found jobs, spent the money we had saved overseas on our wedding and were approved for a certain amount for a mortgage and we went to the top of our budget on a house which will never give us a return.

However we ARE very lucky because our house was a flip.  My friend rehabs homes and said if we committed to buying the home and I helped with the flip he would give us a great price on the home.  Which he did and now, less than a year after buying it we are about to list it (my wife just obtained her RE license), based on the competitive market analysis we will actually MAKE money even with listing it due to the price we were able to get it for and the fact I helped rehab the house.  Now we are looking at different multi-families which need some work and yield good returns.  We are visiting one next week and are looking to begin our rental portfolio and in the mean time I am marketing for off market deals to try to get into more rehabbing and/or wholesaling.  This is just the beginning but I am looking forward to posting where I am at a year from now.

The podcasts and information I learn and continue to learn on BP, as well as the contacts I have made through BP as well as my local REIA I have been attending have been very beneficial. I cant wait to see where this takes me and will make sure to post every update on BP along the way.

Thanks BP!

Hey @Bradley Bogdan 

thanks a lot for the response.  I am still a little unsure of if this would be an opportunity or not.  Are you saying that although the person in the assisted living facility is not receiving financial assistance via Medicaid, the assets such as real estate sold off would go to the government anyway?